Governor of Zhejiang is welcomed at Hyosung

Hyosung Chairman Cho Hyun-joon met with Yuan Jiajun, governor and deputy Communist Party secretary of China’s Zhejiang Province, in Seoul on Aug. 25 to discuss more business cooperation.

The meeting took place at a Hyosung building in Banpo, southern Seoul, at Yuan’s request, who was on a visit to Seoul from Aug. 23 to 26.

Chinese President Xi Jinping visited Hyosung in 2005 when he was party chief of Zhejiang Province, meeting Cho Seok-rae, who is now honorary chairman.

“We have grown together over the past 20 years with Zhejiang Province, the cornerstone of Hyosung’s globalization,” said Chairman Cho Hyun-joon during the meeting on Aug. 25. “It is hoped that the two parties continue their friendly relations to march together as partners for a century.”

Twenty years ago, Hyosung built a spandex factory in the city of Jiaxing, which was its first overseas manufacturing facility. Thanks to that factory in Zhejiang Province, Hyosung became the No. 1 producer of spandex in the world in 2010.

In 2015, Hyosung decided to invest $900 million in Quzhou, another city in Zhejiang Province.

The 25th-largest conglomerate in Korea has invested $300 million in plants that make both spandex and nitrogen trifluoride, or NF3, a type of gas used to clean chambers for semiconductors, flat panel displays and other electronics devices.

Hyosung’s Cho asked Yuan to deregulate and support its plan to expand the electricity infrastructure in the province, which he said was needed to expand its business in China. Yuan responded that Hyosung will be able to participate in core industrial development projects in the province, achieving mutual growth.